Class Seeks Certification In Hedge Fund Suit

Law360, New York (July 17, 2007, 12:00 AM EDT) -- A group of former shareholders in Bayou Group LLC are seeking class certification in a suit against the now-bankrupt hedge fund over alleged securities fraud.

The plaintiffs, who are led by Broad-Bussell Family Ltd., filed a motion for class certification in the U.S. District Court for the Southern District of New York Monday. The putative class would include those who invested in a Bayou hedge fund from 1997 through August 2005.

August 2005 was when “the financial press began to reveal that Bayou had long been...